I. Market Performance
The AI hardware industry chain surged in early trading, with PCB firm CEE hitting the daily limit and Benchen Intelligent touching the limit. In the glass fiber sector, SDF hit the daily limit, and several stocks in the cloud computing server sector, such as Meili Cloud, also reached their daily limits.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fea9ba1c-1e2a-468c-8eec-ac09e16b0f66.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fea9ba1c-1e2a-468c-8eec-ac09e16b0f66.png"/>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/34004666-cf9f-4d66-b719-8b6be2aa57d7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/34004666-cf9f-4d66-b719-8b6be2aa57d7.png"/>
II. Event: PCB Industry Launches New Round of Expansion; Signals of Continuous Price Hikes for Copper Foil and Electronic Cloth
<ol>
<li>VGT stated in its latest investor relations activity record that the company is going all out to advance its expansion and is steadily moving toward its 2030 target of 100 billion yuan in output value. The company indicated that order visibility in the PCB industry is typically about two months, with longer visibility for high-end products.</li>
</ol>
WUS's wholly-owned subsidiary plans to invest 5.5 billion yuan to build a production project for high-layer, high-frequency, high-speed, and high-density interconnect PCBs. In February 2026, an additional 3.3 billion yuan will be invested to bolster high-end PCB capacity for AI chips.
In mid-March, Avary Holding also announced plans to invest 11 billion yuan to build a high-end PCB base, focusing on three major areas: high-end HDI, SLP, and automotive PCBs.
<ol>
<li>To facilitate the smooth mass production of Rubin, the industry recently reported that NVIDIA's Rubin Ultra design has been changed from 4-die to 2-die, which may further drive interconnect demand.</li>
</ol>
Previously, NVIDIA introduced a new Mid plane design solution in its Rubin series AI server racks, gradually replacing some of the original copper cable connections. The introduction of orthogonal backplanes will significantly increase the overall value of PCBs within each server rack.
<ol>
<li>Mitsubishi Gas Chemical's CCL and other products will see a 30% price hike starting April 1. (Shanghai Securities News)</li>
</ol>
III. Institutional Analysis
<ol>
<li>
Cluster scale expansion, increased interconnection speeds, and the integration of complex functions are driving the demand for high-multilayer, high-density, and high-speed interconnect PCBs. The data center PCB market size is projected to grow from $12.5 billion in 2024 to $23 billion by 2030, representing a compound annual growth rate of 10.7% from 2024 to 2030. (Shenwan Hongyuan)
</li>
<li>
Due to strong demand for high-end AI PCB processing capacity and tight supply, PCB manufacturers are increasing resource allocation to the AI data communications sector. For upstream raw material suppliers, PCB and CCL manufacturers are requesting more production capacity from their respective upstream material tiers. Whether in the AI or non-AI sectors, the supply of PCB and CCL capacity remains tight.
</li>
<li>
For electronic cloth, the supply gap for weaving machines in 2026-2027 may reach 6.1%/10.6%. Based on the disassembly and analysis of single-machine capacity for different types of cloth, the supply-demand gap for the next two years has been calculated in detail. Under neutral and conservative assumptions, the industry will face a weaving machine supply gap of over 6.1% in 2026, and the gap may widen to over 10.6% in 2027.
</li>
</ol>
Even under the most optimistic assumptions, only a tight supply-demand balance can be maintained in 2026-2027. With the structural growth trend driven by AI confirmed and equipment supply unable to keep up in the short term, the weaving machine supply-demand gap in 2026 is expected to persist throughout the year, supporting a sustained rise in the price center for electronic cloth. In 2027, the supply-demand conflict may fully erupt, putting greater pressure on weaving machine allocation, and the industry's pricing logic may shift entirely toward scarcity pricing. (Zhongtai Securities)
<ol>
<li>Copper foil, as a basic component of PCBs, serves as the carrier for signal transmission and directly affects the signal transmission efficiency and stability of electronic devices. Therefore, it is necessary to develop and iterate copper foil product technology and processes to adapt to downstream terminal usage requirements. Among these, high-frequency and high-speed copper foils such as HVLP (Hyper Very Low Profile copper foil) and RTF (Reverse Treated Foil) are expected to benefit from the surge in computing power demand.</li>
</ol>
Due to the high processing difficulty and strict performance requirements for high-frequency and high-speed PCB copper foils, processing fees are high. Coupled with high copper prices and tight supply, prices are expected to continue to rise, which is beneficial for domestic copper foil suppliers to enter the market and enhance profitability.
AI computing power, electrification, and consumer electronics iteration are driving the scale expansion of PCB-grade copper foil. According to Tongbo Technology's prospectus and Frost &amp; Sullivan data, the global market size for PCB-grade copper foil is expected to grow from 47.7 billion yuan in 2024 to 71.7 billion yuan in 2029. (Huaxi Securities)
Risk Warning and Disclaimer
Markets are risky, and investment requires caution. This article does not constitute personal investment advice, nor does it take into account individual users' specific investment objectives, financial situation, or needs. Users should consider whether any opinion, view, or conclusion in this article is consistent with their specific circumstances. Investment based on this is at the user's own risk.

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512480

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NVDA

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002463

588780

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The PCB and glass fiber industries are launching a new round of expansion due to surging demand from NVIDIA. The AI hardware supply chain rose sharply in early trading, with companies like CEE and SDF hitting their daily limits. VGT, WUS, and Avary Holding have announced large-scale investment and expansion plans. Meanwhile, products like those from Mitsubishi Gas Chemical will see a 30% price hike starting April 1. Institutional analysis indicates that the data center PCB market will continue to grow, with its market size expected to reach $23 billion by 2030

Wallstreetcn

Guotai CES Semiconductor Chip Industry ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Avary Holding

NVIDIA

GTJA Allianz SSE STAR Chip Design Thematic ETF

PCB, Glass Fiber: NVIDIA Ignites New Industry Demand, Leading Companies Launch New Round of Expansion; Key Materials to Rise in Price Starting Today